We’re excited to launch the Parcel 0 land drop soon and want to compensate everyone who was involved with laying the groundwork for Parcel 0 and CityDAO more broadly in the last 6 months especially as we decentralize operations and welcome the council.
This proposal seeks to reward contributors upon success criteria like the Parcel 0 Launch and Operating Agreement.
At the outset, 2,000 NFTs were set aside for contributors, partnerships, awards, and bounties. There has been no consistent ongoing comp for core team and contributors. Compensation was issued sporadically, so we propose the following adjustments. This issues a one time compensation event that represents the work the core team, contributors, and more recently council has done over the past 6 months of DAO existence.
Compensation shall be issued upon Success Criteria below being met:
Parcel 0 legal docs complete (conservation agreement or NFT holder agreement in place)
Compensation set aside for core contributors is usually vested over 4 years. So when we minted our NFTs we assumed a reasonable vesting schedule for the contributor tokens. I don’t think 6 months is long enough.
And as said above it’s essential to get a list of previous comp for core contributors.
This is a delicate matter and it’s import to handle it well so that it doesn’t look like core team is misusing its power.
CityDAO citizens are entitled to accounting of the funds of the DAO. DAO core members and founders are entitled to retroactive compensation for the unprecedented efforts that have brought us this far. The issuance of the 291 nfts in the google doc are more than fair IMO. As a reference point, the majority of members of MoonDAO have voted for 5% of the treasury compensation to the core members: Snapshot
I am fully in support of all this compensation. The core team has worked hard, delivered, and deserves this.
Might I propose an addition / amendment for the council members who have so far put in a cumulative hundred+ hours improving the DAO and will continue to do so in the coming weeks… that each member be entitled to one parcel 0 whitelist spot?
Right now, according to the Google Doc on the snapshot, all members of the council get an equal distribution of NFTs as compensation. While the core members have a description of their contributions, there is no information on the contributions of the council members. I’m wondering if it’s possible to be more clear on the responsibilities undertaken by council members and their time put in, and whether that would influence their compensation.
Also, I agree with Gugz point above about council members being whitelisted for the Parcel 0 drop.
In principle, totally agree with the idea and the need to close any historical compensation distributions so we can move to the next generation of compensation.
However, I think this proposal is significant enough (291 ETH are to be distributed) that it deserves a formal call before being voted on. This is something that I’ll propose to add in the Governance section of the Charter as well.
So would request for the Snapshot vote to be delayed by a week and for us to set up a time to discuss the GSheet in more detail and for any Citizen to ask questions / raise concerns on the call. Thanks.
CIP35 - Core Team Historical Compensation Questions
Disclaimer: This is a comp discussion and by definition there are vested interests. I hope that we can all do our best to put egos aside and have as objective of a discussion as possible and not take anything personally. This is a DAO, and the same people are going to be needed to get us somewhere in the future.
Have Core Team members been compensated in any other way (fiat, crypto, etc)?
How many of the reserved 2000 NFTs have been distributed to date?
Is there a basis for the NFTs allocated as per the table at the top (i.e. 50 NFTs for core and 20+ hours)?
Initial reaction is that the amounts seem a bit high. At current OpenSea value and ETH price: (50) * (0.65 ETH) * (2700 USD) = $87,750.
This is a general comment for the entire table, not just for Core 20 hours+
I’m not sure how to determine a fair compensation, tbh, but my gut tells me that we’re overcompensating by 25-33%.
This is not intended to denigrate the work of these team members. I am truly appreciative of their contributions and understand that we probably wouldn’t be having this conversation if not for them. People could say “this guy just came on the scene in 2022 and doesn’t know what we had to do beforehand.” I would totally accept that comment. Just sharing my gut feel and an alternate point of view for discussion purposes.
4.Are these NFTs going to vest immediately or do we have some schedule? Vesting would make me (and likely many others) feel better about large distributions of NFTs.
As mentioned previously by David, we have seen variable contributions from Council Members, yet equal comp is proposed. No one has been keeping track of some time / quality contribution metric for the Council, but it’s definitely not even. Again, not sure if there is an objective way to assess this, but raising it for discussion.
lots of good questions here. this proposal is meant to replace all previous comp and represent comp for the first 8 months of the core team’s work. it’s not vested because the core team is transitioning responsibility to the council so this is for historical comp.
The DAO treasury actually has 2300+ Citizen NFTs because some folks haven’t redeemed their legacy NFTs yet (from the mirror and old opensea contracts)
I dont think team should be compensated with nfts ;
Opensea volume and price is already declining for some time, we will supply market with 290 more nfts, some people will sure want to liquidate a portion or their extras and prices will drop. Thats not a good look for new potential investors and I think this will make community dissapointed.
For example i am following announcements mainly and Turkish channel, there are plenty of Turkish holders, most were already upset and will grow more upset if prices drop because payments with nfts
If no one from team sells then this can damage decentralization, if team theoretically has enough (or close to enough) nfts to pass any proposal we cant say we are decentralized
Treasury has ETH and stable coins, couple of months ago we had 10 million $ worth of ETH. Why pay with nfts ?
Dont have enough knowledge on teams efforts to evaluate how much they should be compensated. Are these working hours total spend or weekly ?